关注证券ETF（512880）投资机会，证券在盈利修复周期中具备配置价值

Core Insights - The market trading volume continues to rise, with mid-year earnings forecasts exceeding expectations, and stablecoins acting as a catalyst, leading to optimism about undervalued leading brokerage firms [1] Group 1: Market Performance - The self-operated and margin financing businesses are performing steadily [1] - Wealth management transformation shows differentiation and long-term potential, with a deepening buy-side advisory model [1] - Fund advisory business is steadily expanding in scale, with excellent customer retention and reinvestment rates, enhancing channel stickiness [1] Group 2: Sector Focus - Attention is recommended on the trends in non-bank financials and fintech sectors as they approach previous highs [1] - Based on the industry rotation model, non-bank financials rank high in the bullish configuration for August [1] Group 3: Investment Products - The Securities ETF (512880) tracks the Securities Company Index (399975), which selects listed securities companies primarily engaged in brokerage, investment banking, and asset management to reflect the overall performance of the securities industry [1] - The index constituents have high market representativeness and liquidity, serving as an important reference for investors in financial services allocation [1] - Investors without stock accounts may consider the Guotai CSI All-Share Securities Company ETF Connect C (012363) and Guotai CSI All-Share Securities Company ETF Connect A (012362) [1]